Embracer Group CEO Lars Wingefors is taking responsibility for recent layoffs, studio closures, and game cancelations at the company.
In 2023, Embracer made significant changes due to challenges in the video game industry. They laid off 1,400 employees, closed seven studios, and canceled 29 games. These actions followed years of mergers and acquisitions, including a failed $2 billion deal with Savvy Games Group.
Embracer’s CEO says “I’m sure I deserve a lot of criticism” as he reflects on a company split three ways—but maintains that every “key entrepreneur and CEO” believed in its “mission”. https://t.co/FCBv10JHOh
— PC Gamer (@pcgamer) April 24, 2024
In response to criticism, Wingefors acknowledged his role, saying, “As a leader and an owner, sometimes you need to take the blame and be humble about mistakes or what could have been done differently.” He recognizes the impact on his team but believes in the company’s mission despite the restructuring.
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Embracer recently announced splitting into three entities: Coffee Stain, Middle-Earth, and Asmodee, each focusing on different aspects of the business. They also sold Gearbox, known for Borderlands, for $460 million after acquiring it for $1.3 billion three years ago.
Wingefors emphasized unity among Embracer’s leaders regarding the company’s direction. He acknowledged challenges but expressed confidence in their game pipeline and plans, despite adjustments needed due to industry changes.
